The inoculants market is projected to grow at a CAGR of 6.9%
NEW YORK, Dec. 31, 2019 /PRNewswire/ --
The inoculants market is projected to grow at a CAGR of 6.9%, in terms of value.
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The inoculants market is estimated to reach USD 808 million in 2019 and is projected to account for USD 1,207 million by 2025, recording a CAGR of 6.9% during the forecast period. In South America, countries such as Brazil and Argentina are projected to offer high growth prospects in the coming years, as they are ranked among the largest producers of soybean at a global level, driving the demand for inoculants in the region. Apart from this, the livestock industry is witnessing high growth in the Asia Pacific and South American regions due to the increase in demand for animal-based products, such as eggs, milk, and meat. This has led to a rise in the production and demand for livestock products, and thus, the price of feed grains has also increased. These factors are projected to increase the sales of silage inoculants in the coming years.
The cereal & grains segment in the inoculants market is estimated to account for the largest share in 2019.
Based on crop type, the cereals & grains segment is estimated to account for the largest share in the inoculants market in 2019.Cereals and grains include wheat, corn, barley, and rice crops.
The US is a major wheat-producing country.According to the USDA, wheat ranks as the third majorly produced crop among the US field crops, following corn and soybean.
Apart from this, Brazil is the largest producer of corn and is also ranked among the top producers at a global level. According to the US Department of Agriculture's World Agricultural Supply and Demand Estimates, the country's corn exports was 35 million MT during 2018-2019, due to which it is the second-largest corn exporter at a global level, after the US.
The silage inoculants segment in the inoculants market is estimated to account for the largest share in 2019.
Based on type, the silage inoculants segment is estimated to account for the largest share in the inoculants market in 2019.The silage inoculants segment accounts for the largest share in the inoculants market.
Sales of silage inoculants are on rise due to the expansion of the livestock industry in emerging countries across regions.Urbanization has increased the sales of animal-based products, such as milk, eggs, and meat.
With the rise in prices of feed grains, agricultural inoculants serve as a suitable alternative.
The fungal segment is projected to record the fastest growth during the forecast period.
Fungal inoculants help plants to absorb phosphorus and other nutrients for use.Mycorrhizal fungi live in plant roots and are well-known for their ability to provide phosphorus to plants.
The demand for fungal microbes is projected to increase in the coming years, with the rise in organic farming practices at a global level.
The South American inoculants market is projected to witness significant growth.
The South American inoculants market is projected to account for the largest share by 2025.Countries such as Brazil and Argentina are the largest country-level markets in the Latin American region.
Both these countries are the major producers of soybean.Agricultural inoculants are widely used for soybean crops, and hence, the consumption of inoculants is projected to increase in the next five years.
It is one of the largest regions that has adequate organic agricultural land area, due to which the demand for agricultural inoculants remains high in this region.
Break-up of Primaries:
• By Company Type: Tier 1%–20 %, Tier 2%–40%, and Tier 3%–40%
• By Designation: C-level – 30%, D-level – 20%, and Others* – 50%
• By Region: Asia Pacific – 60%, Europe - 20%, North America – 10%, and RoW**– 10%,
*Others include sales managers, marketing managers, and product managers.
**RoW includes the Middle East and Africa.
Leading players profiled in this report:
This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies in the inoculants market. It provides profiles of leading companies, such as Corteva (US), BASF (Germany), Bayer (Germany), Novozymes (Denmark), Verdesian Life Sciences (US), Advanced Biological Marketing Inc. (US), BrettYoung (US), Precision Laboratories, LLC (US), Queensland Agricultural Seeds Pty (Australia), and XiteBio Technologies Inc. (Canada). Apart from this, other key players include Chr. Hansen (Denmark), Lallemand Inc. (Canada), Kemin Industries, Inc (US), Provita Supplements GmbH (Germany), Cargill (US), Archer Daniels Midland Company (US), BIOMIN Holding GmbH (Austria), Terramax (US), BIO-CAT Microbials (US), and MBFi (South Africa).
Research Coverage:
The report segments the inoculants market based on type, crop type, microbe, and region. In terms of insights, this report focuses on various levels of analyses—competitive landscape, end-use analysis, and company profiles—which together comprise and discuss views on the emerging & high-growth segments of the global inoculants market growth in various regions, government initiatives, drivers, restraints, opportunities, and challenges.
Reasons to buy this report:
• To get a comprehensive overview of the inoculants market.
• To gain wide-ranging information about the top players in this industry, their product portfolios, and key strategies adopted by them.
• To gain insights about the major countries/regions, in which the inoculants market is gaining popularity.
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